Yesterday, equities pushed up higher than the highs from early June (again) and closed above those levels. When I got to the charts this morning, futures where up almost 1% and pushing higher. Looked to be a classic risk-on day to me.
AUD had broken, convincingly in my opinion, out of the range it had been in for over a month and USD pushed down and through a couple of strong levels of support. I looked at NZD, CHF and JPY crosses, too, given the risk-on day, but this looked the best to me, and offered the best R:R, so I set an entry order.
Entry – 0.71064
Not too long after the markets opened, price pushed up enough here to trigger me into the trade. Now I wait and see how many pips I can make.
| Entry Order Level |
|---|
| 0.71064 |
| Stop Loss Level |
| 0.7084 |
| Target Level |
| 0.7156 |
Exit – 0.71311
Price didn’t push up immediately — it took about an hour after it triggered, but steadily throughout the day it pushed up. Once it hit 1R, I moved my stop to break even, and began following along the 2nd most recent SAR on the 15 min. chart. The S&P Started dropping, and so too did this trade, and shortly after reaching about 1R with my stop, price reversed enough to stop me out, but for a nice profit!
